Primark-owner AB Foods cautious on consumer spending after first-half profit fall

Credit: REUTERS/ANDREW BOYERS

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LONDON, April 25 (Reuters) - Primark-owner Associated British Foods ABF.L on Tuesday reported a 3% fall in first-half profit and kept its guidance for a flat outcome in the full year, staying cautious about the resilience of consumer spending.

The group, which also owns major sugar, grocery and ingredients businesses, said adjusted operating profit, its key profit measure, was 684 million pounds ($854 million) in the six months to March 4, on revenue up 21% to 9.56 billion pounds.

For the full 2022-23 year, the group expects adjusted operating profit broadly in line with the 1.44 billion pounds made in 2021-22.

"At Primark, we remain cautious about the resilience of consumer spending in the face of ongoing inflation in the cost of living and higher interest rates," it said.

($1 = 0.8013 pounds)

(Reporting by James Davey; Editing by Kate Holton and Paul Sandle)

((james.davey@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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